Ichimoku analysis (4-hour chart)
Tenken-Sen- 117.94
Kijun-Sen- 118.22
CHF/JPY is consolidating in the range of 117.70 and 117.99 for the past 24 hours. The slight strength in yen despite the jump in US bond yield is putting pressure on this pair at higher levels. USDJPY trade below 106, any violation below 105.50 confirms bearish continuation. USDCHF struggles to break above 0.9000 levels. Significant trend reversal only above 0.90450. The intraday trend of CHFJPY remains bearish as long as resistance 118.85 holds.
Technical:
The pair's strong resistance is at 119, violation above will take to the next level 120/120.60. On the lower side, near-term support is around 117.50, and any indicative break below targets 117.30/116.91/116.15.
Indicator (60 min chart)
CAM indicator – Neutral
Directional movement index – Neutral
It is good to sell on rallies around 118.25-30-50 with SL around 118.85 for the TP of 117.30.
